Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,488/mo
Lowest payment- Down payment
- $1,809,337
- Funds due
- $1,859,404
- Interest + MI left
- $527,479
- First ends
- Dec 2050
Assumption
Assumption + second
$19,170/mo
+$10,682/mo- Down payment
- $318,337
- Funds due
- $369,970
- Interest + MI left
- $2,881,893
- First ends
- Dec 2050
New loan
New conventional
$22,288/mo
+$13,800/mo- Down payment
- $318,337
- Funds due
- $358,071
- Interest + MI left
- $4,332,322
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,365,663 | $1,365,663 | $2,856,663 |
| Second mortgage | — | $1,491,000 | — |
| First P&I | $6,550.66 | $6,550.66 | $19,778.96 |
| Second P&I | — | $10,681.71 | — |
| Mortgage insurance | — | — | $571.33 |
| Taxes, insurance & HOA | $1,937.75 | $1,937.75 | $1,937.75 |
| Total housing payment | $8,488.41 | $19,170.12 | $22,288.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$318,337
Closing costs & prepaids$51,634
Usable credit−$0
Total buyer cash needed$369,970
Earnest money paid−$0
Remaining funds due$369,970
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$31,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,828.32
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$4,962.25
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$107.38
Prepaid interest, second (1 days)$316.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 1 moOf the original 30-year loan at 2.870%
Interest already paid$250,861Through Nov 2026
Assumption only · ends Dec 2050$527,479
Assumption + second · ends Dec 2050, second Dec 2056$2,881,893
New conventional · ends Dec 2056$4,332,322